Cross-border businesses should consider reviewing, and where appropriate, amending key contracts so that they are fully understood and align with your business. Steps you might take include:
- Re-examine the terms and conditions of contracts to ensure you are protected if your business is no longer commercially viable.
- Understand and choose the appropriate Incoterm (which defines the responsibility for delivery, risk, customs, insurance, and VAT).
- Update contracts to allow for non-EU or UK jurisdiction trade.
- Renegotiate existing contracts to lock in current prices and to include liability provisions for any extra costs that might arise.
Our comprehensive article about supply chain and supplier relationships has lots more information, tips for developing successful supply chain relationships and answers questions about what you need to consider when changing suppliers.